RLCBTC Weekly Falling Wedge|Local Resistance|Technical Target

6 jun 2020

Evening Traders,

Today’s Analysis – RLCBTC – breaking out of its falling wedge , it needs to establish a weekly candle close above resistance for further continuation.

Points to consider,

- Local Resistance (Key level)
- 21 MA (Visual support)
- Technical Target Confluence
- Stochastics Buy Cross
- RSI Breaking 50
- Increasing Volume

RLCBTC needs to close this weekly candle above local resistance, this will allow for the smaller time frames to back test the level (S/R flip retest) for a long entry.

The 21 MA will act as a visual guide; price trading above this indicator will be very bullish .

The target for the falling wedge is in confluence with structural resistance – discretion needs to be used here for when taking profits.

Stochastics has a valid buy cross, indication of momentum shifting on the macro time frame. The RSI is attempting to cross above 50, trading beyond this level will indicate increasing strength in the market.

Volume is noticeably increasing, this must sustain on the weekly time frame from continued follow through.

Overall, in my opinion, RLCBTC next most important move is closing above local resistance on the weekly. This will validate a true break of the falling wedge and allow for a risk defined entry.

What are your thoughts?

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And remember,

“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” – Jack Schwager